Farm And Ranch Contract (Page 4 of 9) in pdf

Contract Concerning

Page 4 of 9

8-01-2011

(Address of Property)

determine if the property is in a certificated area and contact the utility service provider to

determine the cost that you will be required to pay and the period, if any, that is required to

provide water or sewer service to your property. The undersigned Buyer hereby

acknowledges receipt of the foregoing notice at or before the execution of a binding contract

for the purchase of the real property described in Paragraph 2 or at closing of purchase of

the real property.

(6) PUBLIC IMPROVEMENT DISTRICTS: If the Property is in a public improvement district,

§5.014, Property Code, requires Seller to notify Buyer as follows: As a purchaser of this

parcel of real property you are obligated to pay an assessment to a municipality or county

for an improvement project undertaken by a public improvement district under Chapter 372,

Local Government Code. The assessment may be due annually or in periodic installments.

More information concerning the amount of the assessment and the due dates of that

assessment may be obtained from the municipality or county levying the assessment. The

amount of the assessments is subject to change. Your failure to pay the assessments could

result in a lien on and the foreclosure of your property.

(7) TEXAS AGRICULTURAL DEVELOPMENT DISTRICT: The Property

is not located in a

Texas Agricultural Development District. For additional information contact the Texas

Department of Agriculture.

7. PROPERTY CONDITION:

A. ACCESS, INSPECTIONS AND UTILITIES: Seller shall permit Buyer and Buyer’s agents access to

the Property at reasonable times. Buyer may have the Property inspected by inspectors selected

by Buyer and licensed by TREC or otherwise permitted by law to make inspections. Seller at

Seller's expense shall turn on existing utilities for inspections.

NOTICE: Buyer should determine the availability of utilities to the Property suitable to satisfy

Buyer’s needs.

B. SELLER'S DISCLOSURE NOTICE PURSUANT TO §5.008, TEXAS PROPERTY CODE (Notice):

(Check one box only)

(1) Buyer has received the Notice

(2) Buyer has not received the Notice. Within

days after the effective date of this

contract, Seller shall deliver the Notice to Buyer. If Buyer does not receive the Notice,

Buyer may terminate this contract at any time prior to the closing and the earnest

money will be refunded to Buyer. If Seller delivers the Notice, Buyer may terminate

this contract for any reason within 7 days after Buyer receives the Notice or prior

to the closing, whichever first occurs, and the earnest money will be refunded to Buyer.

(3) The Texas Property Code does not require this Seller to furnish the Notice.

C. SELLER’S DISCLOSURE OF LEAD-BASED PAINT AND LEAD-BASED PAINT HAZARDS is required by

Federal law for a residential dwelling constructed prior to 1978.

D. ACCEPTANCE OF PROPERTY CONDITION: (Check one box only)

(1) Buyer accepts the Property in its present condition.

(2) Buyer accepts the Property in its present condition provided Seller, at Seller’s expense,

shall complete the following specific repairs and treatments:

.(Do not insert general phrases, such as “subject to inspections,” that do not identify

specific repairs.)

NOTICE TO BUYER AND SELLER:

Buyer’s agreement to accept the Property in its present

condition under Paragraph 7D(1) or (2) does not preclude Buyer from inspecting the Property

under Paragraph 7A, from negotiating repairs or treatments in a subsequent amendment, or

from terminating this contract during the Option Period, if any.

E. COMPLETION OF REPAIRS: Unless otherwise agreed in writing, Seller shall complete all agreed

repairs prior to the Closing Date. All required permits must be obtained, and repairs must be

performed by persons who are licensed or otherwise permitted by law to provide such repairs.

At Buyer’s election, any transferable warranties received by Seller with respect to the repairs

will be transferred to Buyer at Buyer’s expense. If Seller fails to complete any agreed repairs

prior to the Closing Date, Buyer may do so and receive reimbursement from Seller at closing.

The Closing Date will be extended up to 15 days, if necessary, to complete repairs.

F. LENDER REQUIRED REPAIRS AND TREATMENTS: Unless otherwise agreed in writing, neither

party is obligated to pay for lender required repairs, which includes treatment for wood

destroying insects. If the parties do not agree to pay for the lender required repairs or

treatments, this contract will terminate and the earnest money will be refunded to Buyer. If the

cost of lender required repairs and treatments exceeds 5% of the Sales Price, Buyer may

terminate this contract and the earnest money will be refunded to Buyer.

G.ENVIRONMENTAL MATTERS: Buyer is advised that the presence of wetlands, toxic substances,

including asbestos and wastes or other environmental hazards, or the presence of a threatened

or endangered species or its habitat may affect Buyer’s intended use of the Property. If Buyer is

concerned about these matters, an addendum promulgated by TREC or required by the parties

should be used.

H. SELLER’S DISCLOSURES:

Except as otherwise disclosed in this contract, Seller has no

knowledge of the following:

(1) any flooding of the Property which has had a material adverse effect on the use of the

Property;

TREC NO. 25-8

Initialed for identification by Buyer

and Seller

American LegalNet, Inc.

Farm And Ranch Contract Page 4

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